On January 31, 2020, at midnight sharp, the 48-year membership of the British in the European Union ended. A day that will go down in history – long-awaited for some, but a black day for many. With the entry into force of the Treaty of Lisbon, for the first time in the history of the European Union, the possibility was created for member states to leave the EU voluntarily. The exit clause that had been introduced put an end to the longstanding discussion in legal doctrine as to whether or not there was a unilateral right to exit the Union, and if so, on what legal basis. In a first part, the present work deals with questions about the right to resign before and after the entry into force of the Lisbon Treaty. In a second part, the work is devoted to the effects on European integration and the design of future cooperation. Reference is made in particular to the trade and cooperation agreement that has been concluded. In the third and largest part, the most important European regulations are examined for requirements for third countries and their significance in relation to Brexit is analyzed. Regulatory systems for cross-border activities in the financial sector in relation to third countries are examined and the extent to which these address the stability and transparency of the financial sector and where inconsistencies are revealed. The legal significance of leaving the Union for the financial industry and the expected effects are also discussed. Each chapter closes with a conclusion and summarizes the most important results. Finally, an outlook is given and potential future scenarios for access to the European market for third countries are shown.
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